On the first day of trading on the Abu Dhabi Securities Market, Alef Education Company’s shares fell by 19% to 1.09 dirhams, before closing at 1.18 dirhams, a decrease of 12.6% compared to the offering price of 1.35 dirhams. This resulted in the company losing about 1.2 billion dirhams in market value at the end of the session, reaching 8.26 billion dirhams from 9.45 billion dirhams upon listing.
In terms of market indicators, the Dubai market fell by 0.7% while the Abu Dhabi market fell by 0.24%. The Abu Dhabi market saw a large direct deal on “Union Insurance” shares worth 170 million dirhams, as well as another deal on “The National Investor” for 18 million dirhams. Overall, the shares attracted a total liquidity of 1.78 billion dirhams, with 1.44 billion dirhams in the Abu Dhabi market and 348.8 million dirhams in the Dubai market.
In sectoral indices, shares in the real estate, industry, utilities, and energy sectors declined in the Abu Dhabi market. In the financial sector, there were mixed results with some companies rising while others fell. The same trend was seen in the real estate, telecommunications, energy, and industry sectors.
The Dubai market followed a similar pattern, with declines in shares of the financial, real estate, industrial, and utilities sectors. However, there were a few companies that saw their share prices rise in the industry sector. Overall, trading was active in both markets with significant liquidity and trading volumes.
Regarding trades according to nationalities, there were net investments by Arab, Gulf, and foreign investors in both markets, while national investors tended towards liquidation. Investment portfolios also leaned towards liquidation, while individual investors tended to buy.
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